Renting apartments or condominiums are slightly different compared to rental homes. While many low income renters seek Section 8 renters, many rentals are owned by property owners who do not participate in Section 8 programs. A co-signer can be a wise choice for a person who would not normally qualify for a lease agreement. Some landlords prefer co-signers and often give preference when making decisions based on two renters seeking the same property.
How Co-Signers Improve Lease Acceptance Rates
1. Instant References
2 Financial Stability
3. Lengthy Lease or Homeownership History
4. Decreased Liability
Co-Signers Provide an Immediate Reference
When credit challenges can force a denial of a lease agreement, landlords or property owners often search the history of a renter in hopes of turning a negative into a positive. Co-signers on a lease agreement provide an instant reference for a renter in character as well as added responsibility. Family members are often the preferred choice of property owners when co-signers are reviewed.
Show of Financial Stability
A person who falls short of income or credit requirements can fall back on the financial stability of a co-signer. Landlords and property owners often review the financial support that co-signers provide to renters. A history of above average income generation and responsible credit are two factors that are positives to property owners reviewing co-signed applications.
History of Homeownership or Past Lease History
A continued repayment plan for more than two years is what most property managers base decisions upon when evaluating co-signer eligibility. A person who is listed as a co-applicant to a lease agreement is often judged upon the history of home ownership or lease agreements signed in the past. This information is always verified before final decisions are made. A long history of repayment is a positive sign for most property owners.
Reduced Liability While Under Lease
Liability is one of the major concerns of property owners or property managers evaluating housing applications. A person with no rental history is often a large reliability compared with a person who can be validated through other landlords or property owners.
Co-signers often provide reduced liability in the eyes of landlords after reviews are made about financial status, homeownership and character references. Having a person co-sign for a rental home does offer reduced liabilities for property owners who are in fear of paying for repairs after leases are terminated.
In order to best serve future residents, please make sure to read all of the JWB Rental Guidelines before scheduling your showing.
JWB RENTAL GUIDELINES:
A background check and credit check will be performed for all adults.
A minimum of 4 years of rental history (or homeownership) must be provided, or an additional deposit may be required.
Evictions or felonies in the past 7 years are subject to an additional deposit.
Applicant must provide proof of income equal to 3 times the rent amount in gross income (before taxes).
The security deposit is equal to first month's rent and is required to reserve the home for up to 30 days; one half of the security deposit is required to reserve the home for up to 21 days with the remaining balance due at time of lease signing.
Our homes are pet friendly. A $500 non-refundable pet fee will be assessed for as many as 2 pets; additional pets are $250 each. Breed restrictions do apply.